Glossary

• Joint tenants – two people purchasing property and if one dies, the surviving person is automatically entitled to the property for example husband and wife
• Tenants In Common – for people to own property in equal or unequal shares. If any person dies their share goes to whoever inherits their estate
• Fixtures – Items included in a sale as they are attached to the land or building and cannot be removed without damaging the property, some include stove, sink, bath, toilet seat etc. Some Items which may create an argument whether they are fixtures or not are: TV antenna, clothesline etc
• Chattels – personal property being a moveable article for example: furniture
• Lot – each block of land or unit or townhouse are given a lot number
• Encumbrance-a right held by one person over the property of another that limits the way in which the owner may use the property
• Caveat – a notice registered on the title deed indicating another person’s interest in the property
• Easement – a right enjoyed by a person with regard to the land of another person
• Restriction – being a restriction on the use of the land imposed by a developer or council
• Certificate of Title – the title deed to the property
• Common property – the part of land which is not comprised in a lot of a strata scheme and they include gardens, footpaths, lawn areas, entrance foyers etc
• Covenant – an obligation in a deed
• Discharge of Mortgage – a document confirming repayment of a loan over a property has been paid in full
• Mortgage – document for the lending of money for a purchase and the security is usually land
• Mortgagee – person lending the money
• Mortgagor – person borrowing the money